BIS Safety Software

Project Accounting & Cost Control

Our Project Accounting and Cost Control course is aimed at construction company owners, project managers, project coordinators, estimators, accountants, and staff who wish to gain a comprehensive understanding of accounting processes specific to construction projects. The course will provide participants with the knowledge to create and interpret various construction financial reports, thereby enhancing the financial systems within their construction company.

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COURSE OVERVIEW

The Project Accounting and Cost Control course, a specialized program for those involved in the construction industry, aims to equip participants with an in-depth understanding of construction project-specific accounting processes. By the end of this course, participants will be proficient in designing and interpreting various construction financial reports, leading to an overall improvement in their construction company’s financial systems.

Participants who complete the course will be eligible to receive 2 CCA Gold Seal education credits and 6 BC Housing CPD credits.

COURSE TOPICS

The Project Accounting & Cost Control course includes 7 video modules, providing 6 hours of expert-led instruction and resources.

Topics:

Comprehend the various contract types in the construction industry and their impact on construction project financial management and stakeholder satisfaction.
Gain insights into the estimating process from bid to award and site mobilization.
Learn to decipher a General Summary Sheet of the bid and the steps to create a Project Budget.
Understand the different Change Order methods within construction contracts and their implications for Change Order reporting.
Link the site resources used in a change order to a Daily Extra Report and subsequently to the accounting system.
Read and interpret financial statements: income statement, balance sheet, cashflow, job cost reports, and make timely decisions.
Forecast percentage of completion reports: projected income statements, job costing, and cashflow to meet the expectations of internal and external stakeholders such as banks and bonding companies.
Understand and calculate various financial ratios used to interpret financial reports and build company dashboards.
Comprehend the holdback requirements of the Builder’s Lien Act and typical invoicing processes used at month end.
Calculate aged accounts payable and receivables separate from holdback amounts.
Understand the significance of payroll reporting and its link to the project schedule and labour productivity assumptions used by the estimating team.
Grasp the importance of procurement internal controls and the different methods used for recognition of revenue and expenses.
Understand the standard close out processes and the expected reports for project budget vs. actual, deficiencies, and warranties

Audience:

Construction Owners
Managers
Estimators
Supervisors
Staff

ONLINE COURSE DURATION

Approximately 6 hours

PASS MARK

Testing conducted in the duration of this online Project Accounting & Cost Control course is designed to reinforce the knowledge imparted. A minimum score of 80% is required to pass this course. Participants have up to three attempts to achieve the pass mark. A comprehensive student manual is available for download and printing, serving as a valuable resource for future reference and knowledge retention.

CERTIFICATE OF COMPLETION

Upon successful completion of this online Project Accounting & Cost Control course, a certificate of completion will be available for download and printing.

COURSE PREVIEW